These Three Catalysts Could Spark a Bitcoin (BTC) Reversal, According to Top Crypto Analyst

A closely followed crypto analyst is identifying three catalysts that could lead to a reversal of Bitcoin (BTC) as the benchmark cryptocurrency hovers below $20,000. In a new strategy session, the host of InvestAnswers tells his 441,000 YouTube subscribers that the price of BTC could further drop if MicroStrategy CEO Michael Saylor decides to sell The post These Three Catalysts Could Spark a Bitcoin (BTC) Reversal, According to Top Crypto Analyst appeared first on The Daily Hodl.

Timeline of Bitcoin

On-chain data shows the Bitcoin reserve of derivative exchanges has surged up recently as the price of the crypto has continued to crash down. Bitcoin Derivatives Exchange Reserve Observes Sharp Uptrend As explained by an analyst in a CryptoQuant post, the crashing BTC price may be forcing whales and long-term holders to open short positions in order to hedge their portfolios.

Data shows the Bitcoin mining hashrate has already plunged down since the new all-time high as the crypto's price has continued to struggle. Bitcoin Weekly Hashrate Sharply Trends Downward The “mining hashrate” is an indicator that measures the total amount of computing power connected to the BTC network.

The U.S. Department of Labor is receiving pushback from an industry initiative, requesting it rescind its previous guidance on including crypto in 401(k) plans. The post U.S. Department of Labor Faces Pushback Over 401(k) Bitcoin Plans appeared first on BeInCrypto.

Key takeaways: Sam Bankman-Fried's Alameda Research has lent Voyager digital 200 million USDC and 15k Bitcoin. The digital assets are meant to safeguard Voyager Digital's customers' assets during the current crypto market volatility.

Bitcoin's dominance over altcoins is down by 5% after the latest drop in value to the $18,000 price point as we reported in our latest Bitcoin news. The bears continued to compete over the market as they pushed BTC to another 18-month low of $17,500 with the altcoins being in a state of despair and

Bitcoin (BTC/USD) extended its extremely negative technical sentiment early in the Asian session as the pair tried to stage a small recovery after printing as low as the 17567.45 area, its weakest showing since November 2020.  Stops were elected below the 17787.51 level during the ongoing selling pressure, a very important technical area that represents the 50% retracement of the appreciating historical range from 3858 to 31717.02.

Cryptocurrency Bitcoin (CRYPTO: BTC) plunged to $17,708.62 on Saturday, and began retracing its way back to $20,000 on Sunday. BTC rose by 4.20% in 24 hours and was trading at $19,807 at the time of publication.

Key takeaways: El Salvador's President Nayib Bukele has advised crypto traders to stop looking at the Bitcoin chart and enjoy life. President Bukele also reassured Bitcoin holders that their investment is safe and its value will immensely grow after the bear market.

JPMorgan has stated that despite its recent dip, bitcoin is heavily undervalued. The company believes the asset will likely rise by 28 percent in the coming weeks or months, and executives are placing their hopes on $38,000.

A closely tracked crypto strategist is mapping out how Bitcoin could carve a bear market bottom this year as BTC trades below $20,000. In a strategy session, Kevin Svenson tells his 69,000 YouTube subscribers that he sees Bitcoin bottoming out around the $17,000 to $18,000 level before igniting a relief rally to above $30,000. “The The post Here's How Bitcoin (BTC) Could Generate a ‘True' Bottom, According to Analyst Kevin Svenson appeared first on The Daily Hodl.